The Pros and Cons of Being Rich

I mean who doesn’t want to be rich? We grow up and the news, media, and school encourages you to be productive, make money, and you are inundated with images of disposable items, vacations, and the posh lifestyle.

Poverty and scarcity can be solved especially in America with money, wealth, education, and programming… in theory…..

We are quick to jump to money can solve everything … or can it? Does it really help your life?

My belief: More money….more problems.

At some point, we all want to be rich or have wealth. I am no different. I mean why wouldn’t I aim high? Winning the lottery, taking an amazing corporate job – any number of ways to get to this level.

So what does being rich provide?

Being rich provides:

– freedom

– vacations

– spending money on hobbies

– quality clothes

– health care

– car (s)

– back up plans

Most people want to be rich to drive a nice car or live in a fancy house; I just want freedom of my time.

Money’s greatest intrinsic value – and this can’t be overstated – is it’s ability to give you control over your time – Morgan Housel (Psychology of Money)

When you are rich and can do what you want, when you want, and where you want…you always want more….

Money problems of richer or wealthier people are much bigger and mutate and have major implications.

The Downside of Being Rich

Winning the lottery sounds like a win but so many people lose it all.

My neighbor growing up won the lottery and lost everything – thankfully for him, he won again….yes again and bought a gas station.

One day I asked him why did you do that, he explained that when you are rich; you are more isolated, trust fewer people, and your life is not as “rich” as it was when he was upper middle class. Said when he won the second time, he didn’t change his life. He was happier when people didn’t know, he worked, and interacted with others.

Money won’t make you happy

My mom always had a few phrases that really stuck with me about money and happiness:

1. Money won’t buy happiness, but it can help

2. Never marry for money, you will earn every penny

Money itself is a tangible thing that can be there and it can be gone with a single decision or a series of decisions.

For me, money is important to have it to a certain degree. As a researcher of all things interesting, I read an article 20 years ago about the tipping point of happiness and deciding what that is for you.

For me, it was a set number and once I reached it, that income level would provide me with the quality of life necessary to be happy.

When You Are Rich Enough to Not Have to Work – Ever

One of my best friends never had to worry about anything. He was born rich and never had a job until his mid-30’s.

I was the grounded person in his life – that consistently asked – the what is next? Why don’t you give back? What can you do on your own? How do you get a job at 35 and explain your life?

Interestingly enough, the cost of being rich for him was the fear of failure. He would not take risks or venture out to explore his interests because he might not be good at this or that. To be honest, being rich hindered him from happiness and passion. To this day, he is well educated but lacks true happiness. From time to time we chat about the life that was expected v the life he chose..

Being judged

People are quick to judge and have opinions – “he was lucky” “his parents will get him out of this” “affluenza”

Being judged is harsh and no one wants it yet – being judged and comments are likely for wealthy people and for their kids. Someone always has a comment.

There is always criticism on the car, the house, the private school tuition, the trips overseas – you know what I mean….

Someone Is Always Better Off

Keeping up with the Joneses is exhausting. Even if you are the Joneses. I like to look at rich in a few ways… Elon Musk – is rich by wealth and rich in vision, Warren Buffett is rich and gives back (his work in Africa is amazing), Bill Gates is rich and has directly impacted my teaching experiences…. And my one set of grandparents were rich in the capacity of money and my other grandparents were rich in experiences, love, adventure, sports, and had balance in all things life.

Lots of people are rich ….. some in one area, some in many areas. Invest wisely.


Many rich people feel bad about being rich. Money can’t buy family. Money can’t buy friends. Money can’t buy peace or resilience. How much do you help? Should you donate, give away, help others, and where do you start and where do you stop?

People Want You for All The Wrong Reasons

More money, More Problems. People come out of the woodwork for the rich. People fall prey to the allure of money. Trusting financial advisors, accountants, money managers – all of them have the potential to disrupt, destroy or hurt what you have.

I Love You (And Your Money)

It’s sad but oh so true. So many people waltz into a world wanting to be what they are not and are willing to do anything to get there and will do anything to stay there. Think about your tribe and who is around you and who you bring in your circle of trust. Many people unfortunately are wolves in sheep’s clothing.

Maxim Magazine founder wrote:

Let me repeat it one more time. Being rich does not guarantee happiness. In fact, it is almost certain to impose the opposite condition- if not from the stresses and strains of protecting it, then from the guilt that inevitably accompanies its arrival.

With all of this….

I am a true believer in living my best life. Experiences over things. Being rich … is something I aspire to – not in just money but in culture, experiences, the ability to live where I want, buy things, and most importantly have freedom and be able to retire! Happiness is more significant than any amount of money.

May you find the ways that bring you happiness and wealth and may you be rich in the ways that bring you joy!




A travel, home, & lifestyle blog written by Heidi Stevenson. Follow along for affordable ways to travel, sophisticated and savvy style, expensive looks for less for the home, and everyday style



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